Click the play button on the video window to the right to see the storyAt a time when families are losing their homes to foreclosure, others are seeing a way to prey on their desperation.
And right now the
FBI is inundated with loan modification fraud schemes.
Companies or individuals are claiming they can help homeowners at risk of losing their homes to foreclosures by negotiating lower terms with the banks for a fee. But once the fee is paid, they hit the highway.
"I've never seen these levels of fraud in the 12 years I've been in Arizona," said Julie Halferty, Special Agent in charge of Arizona's mortgage and fraud division with the FBI.
Halferty says they're getting thousands of complaints to investigate. Homeowners have paid out $500 to $5,000 dollars hoping to save their homes with more affordable payments, but in return were robbed.
"Essentially they're offering a service that you don't need," Halferty said. "You can go to the bank and negotiate the terms of your loan yourself."
Halferty warns homeowners to stay clear of companies or individuals asking for money up front, requiring you to make a quick decision or guaranteeing success with lower payments or principals.
"They can't guarantee anything," she said.
If you do run into trouble or come across a possible scam, you can report the case to the FBI by phone, in person or by e-mail at
px_cashback@ic.fbi.gov.
